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A demand loan of$8000 is repaid by payments of$3000 after fifteenmonths, $4000 after thirtymonths, and a final payment after four years. If interest was8% for
A demand loan of$8000 is repaid by payments of$3000 after fifteenmonths, $4000 after thirtymonths, and a final payment after four years. If interest was8% for the first two years and9% for the remainingtime, and compounding isquarterly, what is the size of the finalpayment?
The size of the final payment is =
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
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